The New York Times Confirms Plans to Sell The Boston Globe

New York Times BuildingIn a memo that went out this afternoon, The New York Times confirmed that they are planning to sell The Boston Globe.

“This was not an easy decision as the New England Media Group has, for many years, brought tremendous value to our Company,” publisher Arthur Sulzberger and CEO Mark Thompson wrote in the newsroom memo. ” While part of the Times Company, The Boston Globe has been awarded 10 Pulitzer Prizes and many other professional awards.”

The Times Co., which sold About.com and other regional newspapers in the past year, hired Evercore Partners Inc. as an adviser, reported Bloomberg News (who broke the story). The newspaper company still owns the International Herald Tribune.

Full memo below:

Dear Colleagues,

Over the past several years, we have recast our Company, introducing new products and business models, while delivering the highest quality journalism to our readers and advertisers.  During that same time, we have made some difficult decisions about the direction and composition of our Company.

Today we are announcing that we plan to sell our New England Media Group, which includes The Boston Globe, the Worcester Telegram & Gazette and their related properties.  The sale of the New England Media Group will allow us to sharpen our strategic and financial focus on The New York Times brand.

This was not an easy decision as the New England Media Group has, for many years, brought tremendous value to our Company.  While part of the Times Company, The Boston Globe has been awarded 10 Pulitzer Prizes and many other professional awards.
We want to take this opportunity to thank our colleagues at the Globe and T&G for their many substantial contributions to our journalistic reputation and to our Company overall.
To read the press release, click here.

Arthur and Mark